Madera International Announces Quarter Results.CORAL GABLES Coral Gables, city (1990 pop. 40,091), Miami-Dade co., SE Fla., SW of Miami; inc. 1925. Founded at the height of the Florida land boom, Coral Gables is a noted planned city, with tree-lined boulevards and Mediterranean-style buildings. , Fla.--(BUSINESS WIRE)--Aug. 19, 1997--Madera International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:MDIT MDIT Michigan Department of Information Technology MDIT Medical Digital Imaging Team (University of North Texas) ) Tuesday reported financial results for the first quarter ended June 30, 1997. Net revenue for the quarter ended June 30th was $412,518 compared to no revenue in the year ago quarter. The increase was due to actual production and shipment of lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to . The loss for the quarter was $136,065 compared to $252,444 for the same quarter last year. Commenting on the results from his office in Brazil, Ramiro Fernandez-Moris, chief executive officer of Madera International, said: "In the year before we took over management, this company lost 1.7 million dollars. We cut that loss to $118,069 for the past fiscal year which ended March 31st. We are very encouraged with these results. However we will never be satisfied with losses. We will overcome the setbacks caused by shipping delays and a shut down saw mill. "We are now in full operation. Our mill is going all out and we have two other mills operating under sub-contract and entirely dedicated to our production. Our finished inventories are the highest in the company's history. We expect to ship four times as many board feet of mahogany and cedar this quarter as we did last quarter. By the end of the second fiscal quarter I expect: a year to date net profit and the environmental subsidiary to be fully operational." -0- Except for historical matters contained herein, statements made in this press release are forward-looking and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. CONTACT: Madera International Inc. 305/774-9411 |
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